Yellen To Issue Warning To Congress Over Debt Limit Brinksmanship

10:00 ET 15:00 BST: Treasury Secretary Janet Yellen will testify before the House Financial Services Committee today on the State of the International Financial System.

• Livestream and hearing details: LINK
• In her testimony, Yellen’s first since Congress reached a deal to suspend the federal debt ceiling, she will warn that brinkmanship over the debt ceiling, “hurts our global leadership and credibility on the world stage.” Yellen Prepared Remarks
• Yellen will say she is relieved, "Congress took action to address the debt limit in time. But while we were able to avoid default, the United States once again came dangerously close to the line. This cannot be normalized as the way we do business in Washington.”
• Yellen will ask the Committee to lend more to developing countries in order to counter the influence of China: “These investments will bolster our engagement in these regions at a time of geopolitical competition,” and argue that lending to organizations like the IMF, “serves as an important counterweight to nontransparent, unsustainable lending from others like China.”
• Yellen is expected to be grilled on the future of Russian sanctions and Ukraine aid as well as ESG regulatory policy and crypto.